SINGAPORE: Brent oil may rise into a range of $90.95-$91.57 per barrel, as it has cleared a resistance at $89.
A pullback towards this former resistance may have completed as well. The uptrend looks exceptionally strong, which could be extending toward a range of $92.58-$94.20 range.
A rising trendline also points at $94.20.
The depth of the correction from the Jan. 20 high of $89.50 suggests a lower level of $92.58.
A break below $89, now a support, may cause a fall into $87.30-$88.31 range. On the daily chart, the uptrend observes closely a set of projection levels on the uptrend from $35.74.
Oil has more or less broken a resistance at $89.63.
It is expected to gain more into a range of $92.69-$96.84, as pointed by the upper trendline of an expanding wedge.
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